MOSCOW, Nov 3 (PRIME) -- The Russian stock market is likely to start Thursday's trading session lower on profit taking that started on Wednesday evening before a long weekend, analysts said.
The Russian market will be closed for the National Unity Day celebrations.
“We expect trading in Russia to start with a 1.0–2.0% fall of MOEX Russia Index in the range of 2,130–2,150. The levels of 2,120 and 2,100 will act as the closest support, while 2,160 and 2,180 will become the resistance,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.
The aggressive sales the Russian market experienced late on Wednesday is likely to continue on Thursday morning, but the MOEX Russia should switch into volatile consolidation later in the day, he said.
“On Wednesday, the MOEX Russia Index lost a symbolic 0.02% and stayed around 2,174. Today we expect sales in Russian shares and our market to fall during the trade. Worsening of the external background and the wish of some investors to take profit in long positions ahead of a prolonged weekend will exert pressure on the stock market,” Bogdan Zvarich, senior analyst at financial platform Banki.ru, said.
The leading Asian bourses showed mixed dynamics in the morning, while the futures for the major U.S. indices rose by about 0.3%. The closest futures for the Brent oil price contracted by 0.4%, Zvarich said.
But Georgy Vashchenko, deputy head of Freedom Finance Global’s research department, said that the Russian market may show mixed dynamics because the news flow is calm.
Manzhos also said that a slew of foreign macroeconomic statistics releases during the day will not have a serious impact on the market.
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